Premier Dermatology Leases Medical Office At 500 Grove St, Haddon Heights
500 Grove St, Haddon Heights, NJ, 08...
Building Size
5,214 SF
Asset Type
Medical Office
Closing
Nov 22, 2023
AI
The medical office leased by Premier Dermatology is located at 500 Grove St in Haddon Heights, NJ. The property spans 5,214 square feet in a 31,800-square-foot building completed in 1975. Situated in a southeastern suburb of Philadelphia, the location offers convenient access to Interstate 295, making it a strategic choice for medical services. Other notable tenants in the building include LabCorp, Virtua, and American Water Co.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: Not provided
- Landlord's Representative: Ryan J. Barikian (Wolf Commercial Real Estate)
- Tenant: Premier Dermatology
- Landlord: 500 Grove Associates LLC
- Square Feet: 5214
- Tenant's Representative: Mike Scanzano (Wolf Commercial Real Estate)
Mike Scanzano of Wolf Commercial Real Estate represented Premier Dermatology in the lease negotiations for the medical office at 500 Grove St. On the other side, Ryan Barikian, also from WCRE, acted as the representative for the landlord, 500 Grove Associates LLC. These key individuals played integral roles in facilitating the leasing transaction, ensuring a successful outcome for both parties involved.
Haddon Heights Medical Office Market Snapshot
Boundary boundary · Medical Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93